Record Cryptocurrency Seizure in Europe
In a joint operation, the Spanish National Police and the Dutch National Police have confiscated a staggering 17 million dollars in cryptocurrency. This seizure, linked to scams and technological fraud, is the largest of its kind in Europe. The operation targeted organisations involved in drug trafficking, according to a police statement.
Arrests and Money Laundering
Three Dutch nationals were arrested in the operation, including the leader of the criminal group. The leader is suspected to have relocated to Marbella, Spain, to launder the ill-gotten money. He did this by acquiring high-value assets, both movable and immovable, which he registered under the names of third parties.
Modus Operandi of the Scam
The main suspect, who frequently changed his address to evade detection, used instant messaging apps to advertise his services and win the trust of his victims. Initially, he processed small amounts of transfers successfully, gaining the victims’ trust. However, as the transferred amounts increased, the organisation ceased sending any real money.
Searches and Seizures
During the operation, three searches were conducted – one in the Netherlands and two in Spain, specifically in the Malaga towns of Mijas and Marbella. The police seized over 850,000 euros in cash, 16 luxury watches, numerous mobile phones, and jewellery valued at more than half a million euros.
Investigation into Over the Counter Transactions
The investigation was initiated when officers discovered that an individual, suspected of large-scale cryptocurrency scams, had moved to Spain to evade detection and launder the fraudulent money. The investigation then shifted focus to his parents, who were suspected of assisting in laundering the funds. The alleged scams were carried out using the “Over the Counter” (OTC) method, which involves direct financial transactions between two parties, outside of the stock exchange.
Victims and Criminal Organisations
The officers discovered that the scams had been carried out in several European countries. Among the victims were members of international criminal organisations based on the Costa del Sol, whose leaders sought to launder the money obtained from their illicit activities.
Changing Locations and Luxury Items
The leader of the organisation frequently changed his address, moving between different holiday rental properties. He always carried the necessary computer equipment to carry out his illegal activities. During a search in the Netherlands, the police found over half a million euros and a large amount of luxury items. At a property owned by the main suspect’s family, the officers discovered a safe containing 238,000 euros in cash, watches worth over 600,000 euros, and numerous documents and mobile phones.
Arrest and Seizure in Marbella
The police investigation led to the leader’s location in Marbella in early September, where he was arrested on suspicion of crimes against property. He was also found to be subject to a European Arrest and Extradition order. During the search of his property, officers seized watches, luxury items, and more than 16,000 euros in cash. This operation is one of the largest cryptocurrency seizures in Europe from a single individual, linked to criminal organisations in drug trafficking.
